More importantly, IF they have that many pageviews, it ought to be scaling in proportion to deals with sales of groupons. So either their margins are horrible, or their tech cost per unit sold is horrible, or something else we don't know about is causing the issue.

It could be they're trying to estimate based on handling their growth for the next three years, for example, in which case of course the cost could be horribly out of whack with current revenues.